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Although BTC was halted at $87,000 once again at the start of the business week, it still managed to hold relatively stable at over $85,600 before the bears took complete control for less than half an hour earlier this morning and drove it south by $2,000.<\/p>\n
Naturally, such a violent move spiked the liquidations, as the total value of wrecked positions rocketed to over $550 million on a daily scale. $430 million came in the past 4 hours alone, and almost all were from longs.<\/p>\n
Interestingly, ETH longs are responsible for the lion’s share as the altcoin’s price tumbled by roughly 4%, going below $2,600. Other alts, such as XRP, HYPE, DOGE, and ADA, were hit even harder, with losses of up to 6% on a 24-hour scale.<\/p>\n
More than 100,000 traders were wiped-out in the past day, with the single-largest liquidation order taking place on Binance. It was worth a whopping $26 million and involved the ETH\/USDC pair, according to CoinGlass.<\/p>\n
A couple of reasons pop up in the past several hours that could have resulted in this major leg down. At first, Lookonchain reported<\/a> that the US government has moved a portion of the crypto it holds. In total, they transferred 834 BTC ($71.56 million) to Coinbase Prime, while moving another 40,285 BNB.<\/p>\n As we have explained<\/a> before, even if the authorities have sold that amount, it doesn’t translate necessarily into breaking Trump’s promise to never sell any BTC.<\/p>\n The second possible reason could be linked to insiders, as Lookonchain updated. 4 newly created wallets deposited $1 million USDC into hyperliquid just minutes before the crash and opened 40x shorts on nearly 150 BTC ($12.5 million).<\/p>\n Bitcoin has dropped below $84,000.<\/p>\n Just before the market dropped, 4 newly created wallets deposited 1M $USDC into #Hyperliquid and opened 40x shorts on 148.49 $BTC ($12.5M).<\/p>\n Insiders?<\/p>\n https:\/\/t.co\/EzPGCixA9c \u2014 Lookonchain (@lookonchain) October 7, 2026<\/a><\/p>\n<\/blockquote>\n The post Why Did Bitcoin’s Price Slump by $2K in 20 Minutes?<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
\nhttps:\/\/t.co\/idcl5q2vtM
\nhttps:\/\/t.co\/6cNec0Rc3Y
\nhttps:\/\/t.co\/jFDTRz3l9X<\/p>\n
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